AUDUSD approaching resistance, potential drop!

AUDUSD is approaching our first resistance at 0.7487 (horizontal pullback resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) where a strong reaction might occur below this level pushing price down to our major support at 0.7161 (horizontal swing low support, 100% Fibonacci extension, 76.4% Fibonacci retracement). A breakout below our intermediate support at 0.7325 (horizontal swing low support, 61.8% Fibonacci retracement) might provide the bearish acceleration to our major support level.
Stochastic (89,5,3) is approaching its resistance and a reaction off this level might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.

Tickmill is a trading name of Tickmill UK Ltd (a company registered in England and Wales under number 09592225). Principal and Registered Office: 1 Fore Street, London EC2Y 9DT. Authorised and Regulated by the UK Financial Conduct Authority. FCA Register Number: 717270. Tickmill is also the trading name of Tickmill Ltd Seychelles, regulated as a Securities Dealer by the Financial Services Authority of Seychelles with license number (SD008) and the Principal office at: Trop-X Securities Exchange Building, 3, F28-F29 Eden Plaza, Eden Island, Mahe, Seychelles. Unless specified, the use of the word Tickmill on this website includes either entity.

Tickmill.com and blog.tickmill.com is owned by Tickmill Ltd and operated by Tickmill UK Ltd and Tickmill Ltd. Clients must be at least 18 years old to use the services of Tickmill UK Ltd and Tickmill Ltd.

High Risk Warning. Trading Contracts for Difference (CFDs) on margin carries a high level of risk and may not be suitable for everybody. The high degree of leverage can work against you as well as for you. Before deciding to trade Contracts for Difference (CFDs), you should carefully consider your trading objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial trading capital and therefore you should not deposit money that you cannot afford to lose. You should be aware of all the risks associated with Trading Contracts for Difference (CFDs) and seek advice from an independent adviser if you have any doubts. Please refer to the summary Risk Disclosure. This site should not be regarded as an advertising or solicitation medium but an information distribution channel. Nothing on this site should be considered as an advertisement, offer or solicitation to use our services.

The site also contains links to websites controlled or offered by third parties. Tickmill has not reviewed and hereby disclaims responsibility for any information or materials posted at any of the sites linked to this site. By creating a link to a third party website, Tickmill does not endorse or recommend any products or services offered on that website. The information contained on this site is intended for information purposes only. Therefore, it should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as recommendation to buy, sell or otherwise deal with any particular currency or precious metal trade. If you are not sure about your local currency and spot metals trading regulations then you should leave this site immediately.

You are strongly advised to obtain independent financial, legal and tax advice before proceeding with any currency or spot metals trade. Nothing in this site should be read or construed as constituting advice on the part of Tickmill or any of its affiliates, directors, officers or employees

This site should not be regarded as an advertising or solicitation medium but an information distribution channel.

Any opinions expressed in this site are not necessarily those of Tickmill or its employees and contractors. Clients should carry out their own independent research prior to trading.